THIOGLYCOLIC ACID MARKET ANALYSIS

Thioglycolic Acid MarketSize and Trends

Thioglycolic acid market was valued at US$ 106.8 Mn in 2022, exhibiting a CAGR of 6.2% in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 162.3 Mn by 2030.

Global Thioglycolic Acid Market - Segmentation

On the basis of application, in 2022, the cosmetic segment accounted for 30% of the revenue share in the global thioglycolic acid market. Cosmetics have become an indispensable feature of modern individual’s lifestyles. In addition, growth in consciousness about external beauty along with an individual’s internal intellect has become one of the major driving factors for the use of cosmetics in the global market. Presently, along with women, there is a rise in the use of cosmetics among men in their daily routine, which complements growth of the global cosmetics market demand. Hence, such changing lifestyles have led to growth of the global thioglycolic acid market.

Figure 1: Global Thioglycolic Acid Market, By Application, 2023

Global Thioglycolic Acid Market - Trends

• Thiogycolic acid is used as a corrosion inhibitor and iron controller in the oil and gas industry: Thiogycolic acid is used as a corrosion inhibitor and iron controller in the oil and gas industry. As a reducing and chelating agent to limit Fe3+ precipitation during well drilling or stimulation. For oil refining, thioglycolic acid mercaptides act as passivating agents during the catalytic cracking of hydrocarbons to limit the contamination of metal catalysts (Ni, V, etc.). Thioglycolic acid is also used as an additive in corrosion-inhibiting formulations to protect equipment used in various industries. Thioglycolic acid provides good inhibition when used as a corrosion inhibitor in the oil and gas industry, which is the major market trend in the global thioglycolic acid market .

Global Thioglycolic Acid Market - Regional Insights

Asia Pacific dominated the Global Thioglycolic Acid Market in 2022 accounting for 58% in terms of value.

Figure 2: Global Thioglycolic Acid Market, By Application, 2023